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FIMALAC: Algorithmics acquires VIPitech

^{Published on 2010-06-28 19:00:32 - Market Wire}
 

PARIS--(Marketwire - June 28, 2010) - Algorithmics, a Fimalac subsidiary, just announced that it had acquired VIPitech from Towers Watson.

Algorithmics is one of the world's leading providers of enterprise risk management solutions and services. A member of the Fimalac Group since 2005, it offers enterprise-wide risk management solutions for market, credit and operational risk, as well as collateral and capital management.

VIPitech, a growing company set up in 2006, is a specialist provider of actuarial modelling software for insurance companies and the financial sector. The UK-based firm serves a client base spanning many European and Asian countries.

The acquisition will enable Algorithmics to broaden its expertise and range of insurance company and pension fund solutions, in line with its development strategy in this market. This strategically important operation is not expected to have a material impact on Algorithmics's Fiscal Year 2010 results or financial position.

A more detailed press release published by Algorithmics is available at [ www.algorithmics.com ].

This information is provided by HUGIN